Central Bank: banks will reimburse stolen funds if the anti-fraud system is ineffective
From July 25, 2024, Russian banks will begin to reimburse citizens’ funds stolen by scammers in the event of poor performance of the anti-fraud system, the main task of which is to prevent suspicious transactions. This statement was made by Deputy Chairman of the Central Bank (CB) German Zubarev, as quoted by Izvestia.
He explained that the new measure will tighten the requirements for banking organizations in the fight against fraudsters. Their data is stored in the Central Bank database “On cases and attempts to transfer funds without the client’s consent.” According to the new law, banks will have to bear financial responsibility for the quality of work in this area, Zubarev said.
If the bank’s anti-fraud system does not work effectively and approves the transfer of funds to fraudsters, the client will have the opportunity to claim compensation for stolen funds, summed up the Deputy Chairman of the Central Bank.